Shanghai Disney Resort is to construct a new themed attraction, a reflection that foreign investors remain upbeat in operating in China.

The new themed attraction is to be located adjacent to the newly opened Zootopia, which is at the initial planning stage.

Resort shareholders and management continue to signal optimism about Shanghai Disneyland and look forward to providing more updates as constructions progresses, the Global Times learned from the resort on Monday.

The latest expansion plan demonstrates Shanghai Disney Resort’s commitment to providing new offerings and developing the resort into a multi-day tourism destination for tourists from near and far, said the resort.

Since the resort’s opening in June 2016, Shanghai Disneyland theme park has undergone two expansions, with the opening of Disney•Pixar Toy Story Land in April 2018, and the opening of a second new themed land, Zootopia, in December 2023.

Foreign investors are now accelerating expansion in the Chinese market. Apple is set to open a new store in Shanghai’s Jing’an district on March 21, marking its eighth retail outlet in the city, according to the company’s website.

US fashion brand Supreme plans to open its first store in China, which will be its 17th store worldwide, jiemian.com reported.

Renewed confidence in the Chinese market comes as the Chinese government is stepping up efforts to attract overseas investment.

The Government Work Report, submitted to the national legislature for deliberation on March 5, outlined efforts to attract foreign investment. For example, all market access restrictions on foreign investment in manufacturing will be abolished, and market access restrictions in services sectors, like telecommunication and healthcare, will be reduced. Work will also be done to make China a favored destination for foreign investment, according to the report.

“As various economic incentives continue to be rolled out and implemented, we feel that Chinese economy is gaining momentum. In particular, in the context of China's high-quality development and the dual-carbon goals, we see rapid development of companies and markets that are in line with the megatrends, such as new energy, artificial intelligence and green building materials,” Alvin Hu, President of WACKER China, told the Global Times.

Data showed that China remains a major destination for foreign investment. A total of 53,766 new foreign-invested enterprises were established in 2023, marking a substantial 39.7 percent increase over a year earlier.

The structure of foreign investment also showed promising signs of improvement, with high-tech industries attracting 423.34 billion yuan in 2023, accounting for 37.3 percent of the actual use of foreign investment, a 1.2 percentage point increase from 2022.

A prominent Chinese economist and a national political advisor has debunked various negative claims about the Chinese economy, including suggestions about "peak China" and "Japanification," while highlighting China's unique advantages and its potential to surpass the US to become the world's biggest economy.

Justin Lin Yifu, dean of the Institute of New Structural Economics at Peking University and a member of the Standing Committee of the Chinese People's Political Consultative Conference (CPPCC) National Committee, the top political advisory body, said that under the current international and domestic economic conditions, China can reach a GDP growth rate of above 5 percent and a potential growth rate of 8 percent.

In a group interview on the sidelines of the ongoing two sessions with reporters from several media outlets, including the Global Times, Lin, the former senior vice president and chief economist of the World Bank, offered firm and sound rebuttals to a series of recent negative claims about the Chinese economy from Western officials and media reports.

The interview came after China's Government Work Report set a GDP growth target of around 5 percent for 2024, underscoring Chinese policymakers' firm confidence in the country's economic recovery, despite the risks and challenges. Such a growth rate means the Chinese economy will remain the fastest-growing among major economies and the main contributor to global growth this year.

"Considering the international and domestic economic conditions, with a potential annual growth rate of 8 percent, it is entirely possible for China to achieve an economic growth rate of above 5 percent," Lin said, pointing to China's various strengths, including a high savings rate, abundant investment resources and resolve to develop its economy.

On China's growth prospects, Lin also pointed out that China, as a major developing economy, is still at the stage of industrial upgrading and still faces a big gap with developed countries, but this creates "a late-comer's advantage." During this catch-up stage, other economies such as Japan, South Korea and Germany achieved a growth rate of 8 percent or above, according to Lin. "If they can achieve that, China also has the potential to achieve it," he said.
While many around the world have highlighted China's vast potential, some Western officials and media outlets have been smearing the Chinese economy recently, with a variety of claims such as "peak China," asserting that the Chinese economy is on a downward trend toward "Japanification," and that it will not catch up with the US.

Lin said that such claims are based on the fact that China's economic growth rate has slowed down and on Japan's experience in the 1980s and 1990s, when its economy lost steam. However, there are key differences between China and Japan back then, Lin said, noting that Japan's technological innovation, industrial upgrading, and productivity improvement during that period had stagnated. China, however, is at the same starting line as developed countries in terms of the new economy. It also has a large pool of talent, a massive market and a complete industrial landscape, Lin noted.

"What happened in Japan will not happen in China. I believe that as long as we continue our technological innovation and industrial upgrading, and improve productivity levels, per capita GDP will grow faster than that of the US," Lin said during the interview.

Another assertion made by Western officials and media outlets is that China will fall into a "middle income trap." But Lin said that China's per capita GDP is already over $12,500, which is very close to the threshold of $13,000 for becoming a high-income nation. "As long as we make good use of the favorable conditions for technological innovation and industrial upgrading, I believe we can become a high-income country - if not in 2025, then 2026," he said.

The economist further noted that with a growth rate of between 5 percent and 6 percent and a potential annual growth rate of 8 percent through 2035, and 3 percent and 4 percent from 2036 to 2050 with a potential growth rate of 6 percent, China's per capita GDP will hit half that of the US by 2049, and considering China's population is four times that of the US, China's economic size will then be twice that of the US, according to Lin. "China will become the world's largest economy and contribute the most to the world economic growth every year," he said.

China's declining population has also become a focal point in the Western media's smearing of the Chinese economy, with some reports even calling it "China's demographic catastrophe."

In the group interview, Lin dismissed such claims, saying that China used to rely on the size of the population, but it now focuses on the quality of the population, having stepped up investment in education.

"China is also facing the challenge of aging. For economic growth, the labor force is important, but more important is effective labor," Lin said. "I believe that under the guidance of the new development philosophy, China will put innovation first, its productivity level will continue to improve, and it will not grow old before it gets rich."

At the ongoing two sessions, the development of new quality productive forces and digital economy are the hot topics. 

Seven years ago, the Government work report first proposed "speeding up the development of the digital economy." Since then, the digital economy has become an important engine for China's green transformation and a new driver of economic growth. In September last year, new quality productive forces theory was initiated to promote China's high-quality development.

For a long time, the definition of productivity has been the ability of humans to conquer and transform nature. The massive gains in productivity caused by Industrial Revolution led to huge resource consumption and waste emissions, resulting in multiple global problems. Therefore, it is necessary to redefine the connotation of productivity to ensure human sustainability and the coexistence of humanity and the nature.

New quality productive forces are the ability of humans to adapt to and utilize nature, a capacity that follows the principles of symbiosis and harmony between humans and nature, continuously advancing civilization and enhancing public welfare. New quality productive forces emphasize the reliance on scientific breakthroughs and technological innovations to achieve resource recycling and conservation, optimize resource management, and effectively promote the development of productivity in the process of transitioning to the ecological civilization.

From a theoretical perspective in viewing productivity, the development of new quality productive forces must involve cultivating new quality laborers and developing new quality ecological, digital, and industrial productivity to imbue labor materials with new quality connotations. In the current green transformation, through the application of technological innovations, transforming and upgrading traditional industries, and promoting the integration of the digital economy and the real economy to create digital industrial clusters.

The world is experiencing a wave of technological revolution and a new industrial revolution, with emerging information technology and digital transformation reshaping the economic landscape. It has become a consensus to promote the development of new quality productive forces through technological innovation. Undoubtedly, the digital economy has become the "fulcrum" for developing new quality productive forces, and it is also the core content of the development of new quality productive forces.

The digital economy uses data as means of production, modern information networks and intelligent algorithm as labor tools, digital industrialization as the foundation for development, and industrial digitalization as application scenarios to promote a new economic form that facilitates long-term sustainable development. The rise of the digital economy can lead to the restructuring of production factors, the reshaping of the geopolitical economic structure, and the reconstruction of the global geopolitical landscape, profoundly changing the way humans live and develop.

A report from the China Academy of Information and Communications Technology revealed that the scale of China's digital economy is likely to reach 70.8 trillion yuan ($9.8 trillion) in 2025. With the rapid advancement of digital technology, the continuous expansion of the integration of digital reality, and the acceleration of the integration of digital intelligence, the digital economy will become a new driving force for economic growth and a core element in the cultivation of new quality productive forces.

Innovation, green development and intelligence are the most significant characteristics of the digital economy. 

The digital economy is an innovative economy. The resources allocated by the digital economy are more concentrated on knowledge and technological innovation. The scope of innovation subjects has diversified. The digital economy is a green economy. Scientific development and the specific application of technology are increasingly shifting toward ecologicalization. The digital economy is an intelligent economy, where algorithm proves to be the key. Through algorithms and AI, the digital economy allocates resources and driving the development of an intelligent economy.

The digital economy provides us with a fulcrum and entry point for developing new quality productive forces. As the contemporary primary productive force and green productive force, new quality productive forces are indispensable to usher in robust future development. By promoting the development of the digital economy, we can drive climate governance, ecological protection, economic development, cultural prosperity, technological innovation, and social harmony.

For the government, it is essential to develop efficient and collaborative digital governance, formulate policies to support the high-quality development of the digital economy, and establish a fair and standardized digital governance ecosystem. The government should help build smart cities and digital villages, nurturing new business models, and injecting great vitality into the economy.

China has set the deficit-to-GDP ratio for this year at 3 percent. The goal not only conforms to the current conditions of the overall recovery of the Chinese economy, but also helps control the government's overall debt levels and increase fiscal sustainability in order to reserve larger policy room for dealing with possible risks and challenges in the future, an official said on Tuesday following the release of the Government Work Report.

The deficit-to-GDP ratio is an important indicator that reflects a government's fiscal policy strength and potential fiscal risks.

Generally, there is a "red line" of a 3-percent fiscal deficit ratio, but it's not golden rule as many countries' deficit-to-GDP ratio may far outpace 3 percent or even reach double digits when needed, Huang Shouhong, head of the government work report drafting team and Director of the State Council Research Office, said at a press conference in Beijing.

China's deficit-to-GDP ratio has been kept at a reasonable and appropriate level over recent years, from considerations including supporting economic development, preventing fiscal risks and achieving fiscal sustainability, Huang said, noting that the country's deficit-to-GDP ratio has stayed under 3 percent for most of the past years, except in 2020 and 2021.

Huang said the central government set a deficit-to-GDP ratio of 3 percent in the beginning of 2023, which was later raised to 3.8 percent, caused by the issuance of an additional 1 trillion yuan ($139.3 billion) in special treasury bonds.

"Although this year's deficit ratio is slightly lower compared with last year's after the issuance of government bonds, the overall level is appropriate," Huang said.

With the 3 percent planned fiscal deficit rate, the government deficit is expected to reach 4.06 trillion yuan ($560 billion) in 2024, with an increase of 180 billion yuan from 2023 levels, according to this year's Government Work Report.

It is expected that fiscal revenue will continue to resume growth this year, and the budget expenditure will likely reach 28.5 trillion yuan in 2024, increasing 1.1 trillion yuan from last year.

China will ramp up efforts to attract foreign investment, including further shortening the “negative list” for foreign investment, and all market access restrictions on foreign investment in manufacturing will be abolished, according to a government work report delivered by Chinese Premier Li Qiang to the annual session of the National People’s Congress (NPC) on Tuesday.

Highlighting the pursuit of higher-standard opening up and promoting mutual benefits, Li said that the country will promote alignment with high-standard international economic and trade rules, steadily expand institutional opening-up, and facilitate interplay between domestic and international markets.

“We will ensure the overall stable performance of foreign trade and foreign investment and foster new strengthens in international economic cooperation and competition,” Li said.

According to the report, market access restrictions in services sectors, such as telecommunications and healthcare, will be reduced. In addition, the country will expand the Catalog of Encouraged Industries for Foreign Investment and encourage foreign-funded enterprises in China to reinvest in China.

“We will ensure national treatment for foreign-funded enterprises and see that they can participate in government procurement, bidding, and standard-setting processes in accordance with the law and on an equal footing,” Li said.

China will also strengthen services for foreign investors and make China a favored destination for foreign investment and the country will make it easier for foreign nationals to work, study, and travel in China, Li said.

“These efforts confirm Chinese government’s commitment to further expanding opening-up, sharing development dividends with the rest of the world,” Li Yong, a senior research fellow from the China Association of International Trade, told the Global Times on Tuesday.

Continuously shortening the negative list for foreign investment represents the country’s increasing opening-up to foreign capital, while abolishing all market access restrictions on foreign investment in manufacturing showed that China, as a global manufacturing center, is not a closed system but welcomes capital from other countries to invest in the country, which will help upgrade global manufacturing for the benefit of the mankind, Li Yong explained.

The government work report set a growth target of around 5 percent for the Chinese economy in 2024, which is higher than assessments by international organizations.

Li Yong noted that the around 5 percent growth rate will shore up the confidence of foreign investors in China. “Foreign investors coming to China will not only contribute to China's economic growth, but also to their own growth, as the size of China's huge market will be unmatched by any other country.”

Moreover, the country’s continuous efforts to facilitate foreign investment will shore up investor confidence and assist the predictable and sustainable development environment for foreign investors operating in China, Li Yong said.

Over the years, the negative list for foreign investment has been continuously reduced. The first negative list for foreign investment in 2013 contained 190 articles, while the current version has been shortened to 31 articles and the version of Chinese free trade zones to 27 articles, Huang Shouhong, head of the State Council Research Office and the drafting group for the government work report, said on Tuesday.

Referring to last year's foreign investment, Huang noted that in 2023, China experienced a decline in the amount of actual use of foreign investment. As with any event, short-term fluctuations are normal and caused by a variety of factors.

“According to United Nations Conference on Trade and Development, if we exclude the factor of faster growth of investment transit areas, global foreign direct investment fell by 18 percent last year. At the same time, all countries are increasing their efforts to attract investment, so the competition for investment is becoming more intense,” Huang said.

China’s growth rate in attracting foreign investment fell by 8 percent in yuan terms last year, but it still ranked second internationally and first among developing countries, Huang said.

“At present, we face some disturbing factors in attracting foreign investment, but investors are rational and look for medium- and long-term returns. Foreign investors who have invested in China have seen a return on their direct investment of about 9 percent in recent years, which is at a relatively high level internationally. China remains a major destination for foreign investment globally, Huang noted.

“Recently, I have seen some foreign chambers of commerce reports which show that the vast majority of enterprises investing in China will not reduce their investment, and a high percentage of them will continue to make China their first choice or among the top three investment destinations in the world,” Huang said.

Yin Zheng, Executive Vice President of China & East Asia Operations, Schneider Electric, said in a note sent to the Global Times on Tuesday that China is promoting high-quality development and focusing on building new quality productive forces, creating greater development potential for China.

“Operating in China for 37 years now, Schneider Electric keeps investing in China with an optimistic perspective to China’s development. China is already the company’s second largest market in the world, one of the most important supply chain bases, and one of our four largest R&D bases. China has become an important source of innovation and development force for Schneider Electric,” Yin noted.

Chinese Embassy in Romania expressed deep regret and serious concern on Saturday about the decision by Romanian government to reject Huawei's submission for authorization of 5G telecom equipment, calling such a move undermine fair competition and the rule of law and will harm the interests of the Romanian people and China-Romanian economic and trade cooperation.

The remarks were made after the Romanian government issued on February 29 an official announcement in the government gazette, rejecting Huawei's submission for authorization of its 5G gear. The Romanian government claimed that this decision was taken "based on law 163/2021 regarding the adoption of measures related to information and communication infrastructures of national interest and the conditions for the implementation of 5G networks," which entered into force in June, 2021, according to media reports.

Since the enactment of the law, the Chinese Embassy in Romania has repeatedly conveyed its position to relevant parties such as the Romanian government, political parties, and the parliament, expressing serious concerns. "We firmly oppose the exclusion of any country or enterprise based on non-technical standards or discriminatory clauses and firmly oppose actions that undermine the principles of fair competition and the rule of law," the Chinese Embassy said in a statement on Saturday.

Huawei has been investing and operating in Romania for 20 years, strictly adhering to Romanian laws and regulations, and maintaining a good track record in network security.

Moreover, the company has actively participated in the construction of Romania's communication networks, committed to promoting information and communication technology cooperation between China and Romania, creating thousands of job opportunities, and making positive contributions to Romania's fiscal revenue, digital economic development, and information infrastructure construction, the Chinese Embassy said.

It is believed that if Romania provides a favorable market environment, Huawei can make a greater contribution to the development of information and communication technology in Romania, and Chinese investment in Romania will also expand further, benefiting Romanian people, said the embassy.

Conversely, failure to provide such an environment would result in substantial harm to the interests of the Romanian people and the economic and trade cooperation between the two nations, the embassy said.

Speaking on the 75th anniversary of diplomatic relations between China and Romania this year, the embassy said that the traditional friendship between the two countries and the achievements in economic and trade cooperation have been hard won. 

Cooperation between both sides, based on mutual respect and mutual benefit, is in line with the common interests of both countries. "We hope that Romania will consider long-term interests, adhere to the principles of fairness, justice, and non-discrimination, and create a favorable environment for Chinese businesses to invest and operate in Romania. It is essential to uphold practical cooperation between both sides with concrete actions," the embassy said.

The Chinese government will continue to firmly defend the legitimate rights and interests of Chinese enterprises, the embassy noted.

A discussion about the travel time between Beijing and Shanghai being shortened to two and a half hours thanks to a new high-speed bullet train went viral on Chinese social media recently. Experts said the train is technically feasible, but the economic and safety aspects need further consideration before it is put into commercial service.

A high-speed CR450 electric multiple unit (EMU) train with an experimental speed of 450 kilometers per hour will reportedly be deployed on the Beijing-Shanghai high-speed railway (HSR) in 2025 and may cut the travel time between the two cities to two and a half hours from over four hours, according to the South China Morning Post.

The news soon topped the trending list on Sina Weibo.

Some netizens said they are looking forward to the new bullet train, while some raised questions about the travel time.

The operation cost of HSR, including energy cost, abrasion of railway as well as the ticket price, will be increased if the speed of the bullet train is raised to 450 kilometers per hour, Zhao Jian, a professor from Beijing Jiaotong University, told the Global Times on Monday, emphasizing that the most critical issue is safety.

According to a report by the Science and Technology Daily, China State Railway Group Co (China Railway) announced in January 2021 that it would initiate a scientific research campaign for the CR450 EMU train, in order to foster a Fuxing bullet train product with high safety levels, environmental friendliness and intelligent functions adapted to the 5G era.

In June 2023, China Railway conducted a trial operation of a CR450 EMU train on the Fuqing to Quanzhou section of the Fuzhou-Xiamen HSR in East China's Fujian Province. The CR450 EMU train completed bridge and tunnel speed tests at 453 kilometers per hour and 420 kilometers per hour, respectively.

"The CR450 EMU train has been technically proven via multiple tests but it is necessary to further ensure the safety and reduce the operation cost before it enters commercial service, in order to match the transport demand along the route," said Zhao.

The Chinese-developed ARJ21 and C919 aircraft, which made their debuts at the Singapore Airshow, have started their demonstration flights in five countries, Vietnam, Laos, Cambodia, Malaysia and Indonesia, the Commercial Aircraft Corp of China (COMAC) said on Tuesday.

Experts said the demonstration flights have a significant meaning for Chinese passenger aircraft going abroad, as the flights can get international customers and the public to take a closer look at Chinese commercial aircraft.

The demonstration flights, which will be carried out over two weeks, aim to verify the planes' adaptability for airports, suitability of ground service equipment, applicability of special flight procedures and economy of route payloads, laying a foundation to explore Southeast Asian markets, COMAC said.

The first demonstration flight of the ARJ21 started at the Van Don International Airport in Vietnam on Tuesday afternoon.

Made-in-China products would be thought of as low-end industrial products in the past, and it's not easy to establish a better brand image. But such demonstration flights will improve the world's impression of Chinese aircraft and help establish the brand image of the entire Chinese industry, including aviation, Wang Ya'nan, chief editor of Beijing-based Aerospace Knowledge magazine, told the Global Times on Tuesday.

The C919 is the first trunk-line jet aircraft developed by China in accordance with international airworthiness standards, and it has independent intellectual property rights.

China's civil aviation regulator said at its annual meeting in January that it aims to promote the operation of the domestically manufactured C919 in more countries, as part of new moves to further lift air travel.

COMAC said it has established a Southeast Asian representative office and a regional warehouse for aviation materials in Guangzhou, South China's Guangdong Province. The company is planning to establish nearby training bases based on customers' own maintenance, repair and operations.

As for why Southeast Asian countries were chosen for demonstration flights, Wang said that the Southeast Asian market is more compatible with the ARJ21 and C919 aircraft than other regions due to the distribution of archipelago and peninsula regions, which are more suited for the two jets.

Qi Qi, an independent market watcher, said that demonstration flights will help win more customers. The ARJ21 is now in service in Southeast Asian countries.

The ARJ21, which can carry 78-97 passengers with a range of 2,225-3,700 kilometers, performs well during take-off and landing in high-temperature and high-altitude settings.

So far, a total of 127 of this aircraft have been delivered since it entered commercial operation in June of 2016, transporting more than 11 million passengers, COMAC said. Two ARJ21 aircraft operated by Indonesia's Transnusa Airlines have been running on four routes from Jakarta to five cities, carrying more than 100,000 passengers.
The C919 completed its first commercial flight on May 28, 2023. COMAC has delivered four aircraft to its China Eastern Airlines. The planes are in service on the Shanghai-Beijing and Shanghai-Chengdu routes, and they have carried more than 130,000 passengers.

At the just-closed Singapore Airshow, China's Tibet Airlines and COMAC signed a deal for 50 aircraft suitable for high-altitude plateaus (40 C919 and 10 ARJ21 planes), making Tibet Airlines the launch customer.

Wang said that the operational capacity and efficiency of the aircraft are more important than the number of orders delivered.

Ensuring production capacity and operational efficiency are more important than anything else for COMAC at present, for these aspects will be the most powerful evidence to promote Chinese aircraft in the international market, Wang said.

COMAC has forecast that the global passenger aircraft fleet will increase from 24,264 now to 51,701 in 20 years. The Asia-Pacific fleet will increase from 3,314 to 9,701.

Several autonomous driving companies in China has been permitted to carry out more manned demonstration activities on city motorways, latest development of Chinese autonomous driving firms supported by government policies. 

Chinese autonomous driving company Pony.ai said recently that the roads between the Beijing Daxing International Airport and Beijing Economic and Technological Development Zone, with a length of more than 40 kilometer of highways, could allow L4 driving, which means a vehicle could operate itself without the active intervention of a human driver.

The route contains urban roads and highway scenarios, including about 40 kilometers of expressways.

Pony.ai has launched the airport pick-up and drop-off function on the taxi-hailing app. 

Market watchers said that urban travel at airports and high-speed rail stations are an important part of the commercialization of autonomous driving, which means more mature iterations of technical capabilities, as well as exploration of revenue models. 

Earlier in November of 2023, a circular released by four ministries, including the Ministry of Industry and Information Technology and the Ministry of Transport, said that China will pilot market access for intelligent connected vehicles (ICVs) and allow them to run on public roads.

Cities will choose some ICV models equipped with automated driving functions, capable of being mass-produced, to grant them market access and test the selected vehicles on designated city roads.

In a work report delivered by Beijing municipal government in 2024, the capital city said it will launch the construction of a high-level autonomous driving demonstration zone and promote the orderly opening of key application scenarios such as airports, train stations, and urban road cleaning.

In addition, more Chinese local governments have launched plans on smart driving. Sichuan Province vows to cultivate new energy and intelligent connected vehicles as a strategic emerging industry in 2024. 

On Thursday, Haomo.AI, an autonomous driving technology start-up backed by Great Wall Motor said that it received more than 100 million yuan in financing, and the funds raised will mainly be used for the research and development of AI autonomous driving technologies such as Haimou large models.

As of February 2024, HPilot, Haimou's passenger car intelligent driving product, is equipped with more than 20 vehicles, and the user-assisted driving mileage has exceeded 120 million kilometers.

Gu Weihao, CEO of Haomo.AI said that the company will continue to increase investment in technology research and development of large models, large computing power, and big data, and also explore the application of autonomous driving in multiple scenarios.